Canadian Imperial Bank of Commerce is selling a minority stake in U.S. wealth manager American Century Investments to Nomura for about $1 billion. CIBC purchased the stake in American Century in 2011 for about $848 million and exited after it was determined that gaining majority control was unlikely. CIBC chief executive Victor Dodig said recognizing that a path to control was not going to be available over time, the bank made the decision to work with ACI to monetize the investment. The bank has been shopping for a while, but demand for assets in the market segment where CIBC wants to buy has driven up prices.
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